NBT Bancorp Inc. (NASDAQ:NBTB) Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its holdings in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 27.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 78,749 shares of the bank's stock after selling 29,075 shares during the quarter. Bank of America Corp DE owned approximately 0.17% of NBT Bancorp worth $3,761,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in NBTB. Raymond James Financial Inc. purchased a new stake in NBT Bancorp during the fourth quarter worth approximately $23,651,000. JPMorgan Chase & Co. lifted its stake in NBT Bancorp by 307.0% during the fourth quarter. JPMorgan Chase & Co. now owns 376,849 shares of the bank's stock worth $17,998,000 after purchasing an additional 284,267 shares during the last quarter. Norges Bank purchased a new stake in NBT Bancorp during the fourth quarter worth approximately $6,736,000. Great Lakes Advisors LLC purchased a new stake in NBT Bancorp in the fourth quarter valued at approximately $4,294,000. Finally, Bank of New York Mellon Corp lifted its stake in NBT Bancorp by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 683,253 shares of the bank's stock valued at $32,632,000 after buying an additional 75,693 shares during the last quarter. Hedge funds and other institutional investors own 58.46% of the company's stock.

Insider Transactions at NBT Bancorp

In related news, Director Heidi M. Hoeller purchased 2,553 shares of the business's stock in a transaction dated Tuesday, April 29th. The stock was acquired at an average price of $43.21 per share, for a total transaction of $110,315.13. Following the completion of the purchase, the director now directly owns 8,990 shares of the company's stock, valued at $388,457.90. This trade represents a 39.66% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John H. Watt, Jr. sold 7,869 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $42.02, for a total value of $330,655.38. Following the transaction, the director now directly owns 116,027 shares in the company, valued at $4,875,454.54. This represents a 6.35% decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.03% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. DA Davidson reduced their price objective on NBT Bancorp from $57.00 to $53.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Hovde Group assumed coverage on NBT Bancorp in a research note on Friday, March 21st. They issued a "market perform" rating and a $50.00 price objective for the company. Finally, Wall Street Zen cut NBT Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $52.75.

NBT Bancorp Stock Performance

Shares of NBT Bancorp stock traded up $0.58 during trading hours on Tuesday, hitting $41.59. 167,720 shares of the company were exchanged, compared to its average volume of 238,898. NBT Bancorp Inc. has a 1 year low of $34.47 and a 1 year high of $52.44. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. The business has a 50-day moving average of $41.73 and a 200-day moving average of $45.52. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of 14.05 and a beta of 0.58.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The bank reported $0.80 EPS for the quarter, topping the consensus estimate of $0.76 by $0.04. NBT Bancorp had a return on equity of 9.39% and a net margin of 17.84%. The business had revenue of $155.31 million during the quarter, compared to analysts' expectations of $151.00 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. As a group, analysts expect that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend is Monday, June 2nd. NBT Bancorp's dividend payout ratio (DPR) is presently 45.03%.

About NBT Bancorp

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.